Digital Currency Outlook 2020 Cryptocurrencies are receiving increasing attention year after year
What are the forecasts for crypto 2020? With the start of each new year the cursors and stakeholders involved in the cryptocurrency market are only talking about analyzes and forecasts of Bitcoin’s performance and the future of cryptocurrencies.
In fact, talk about the performance and future of digital currencies is gaining more and more attention year after year. Although the rise and fall of Bitcoin and its sisters are not new, the performance indicators of last year 2019 reveal a better and more profitable situation for investors compared to a year earlier, which was marked by a significant decline in digital currency prices after it reached its historical peak in 2017.
It can be said with a high degree of certainty, “The most influential phenomenon in the crypto market in the past year is due to the noticeable shift in the positions of some countries and technology giants in the world, specifically after the declared position based on skepticism, rejection and ban, which changed in favor of adopting those currencies and work On issuing its own currencies, the most famous of which is at the moment “Libera” that “Facebook” plans to issue, and China is planning to issue its “yuan” digital currency.
Reasons for the return of the sparkle of digital currencies last year
The first reason that sparked the sparkle of cryptocurrencies is the developments in the global economy, and its reflection on the investors ’view towards this type of financial assets. The trade war between the United States and China has brought about changes in the world’s business leaders ’view of the interest that can be achieved by investing in digital currencies such as Bitcoin, which has often outperformed traditional assets such as gold and stocks.
Looking at the developments witnessed by Bitcoin prices in 2019, we will find that it increased from $ 3700 to $ 13880 in the six months of last year, but the news related to the launch of “Facebook” by “Libra” that appeared in the middle of last year, created a climate The concern of Bitcoin investors, and reinforced the feeling that the new market coming will enjoy the greatest favor, and will attract investors to it, which prompted many businessmen to get rid of their investments in Bitcoin by selling, and then prices fell in the second half of the year.
Digital currency forecast 2020
Despite the decline in the price of Bitcoin in the last six months of last year, it does not deny that 2019 was a positive year by all standards for the mother of digital currencies. In fact, 2019 was not only positive for Bitcoin, but also for several other less popular cryptocurrencies (the best cryptocurrencies for investment).
The question that arises now? Will the atmosphere remain positive during 2020 relative to cryptocurrencies, or will global markets witness changes that may leave different marks on its path, will Bitcoin maintain its supremacy over the markets, or will it emerge as new competitors may be hijacking the spotlight?
On the outlook for digital currencies 2020, the banking expert at Lloyds Banking Group confirmed, “No. De Simon “Bitcoin occupies the largest portion of the cryptocurrency market, yet the market will mainly depend on what will happen in the Bitcoin market, but most expectations indicate that cryptocurrencies, including“ Bitcoin ”will decline during the first half of the year.
On the expected decline rate and the reasons for this, Simon indicates that Bitcoin may lose half of its value during the first six months of the new year, and demand will decrease due to market expectations regarding the introduction of “Libra” Facebook, and that “Facebook” entered the currency market Encrypted will often push other social media platforms and possibly electronic commerce sites such as “Amazon” and “Alibaba” to enter this field, and countries like China are working to accelerate the development of their digital currency, and this may expand the crypto market this year, but it will hijack the spotlight From “Bitcoin”.
On the other hand, Anderson Clark, a consultant at Blockchain company in the field of cryptocurrencies, said that it is likely that in 2020 the next decade will bring many ups and downs in the cryptocurrency industry, although some speculators predict that the value will reach Bitcoin ”by the end of this year is about one hundred thousand dollars, but this is unlikely in light of the current price.
He also said that regardless of the decline expected to occur in the first six months, the overall trend for Bitcoin this year will be the rally.
Anderson built his expectations on the basis that block chain technology, which is the cornerstone of the cryptocurrency industry, is spreading outside its traditional borders, and has been the subject of great interest by many buying and selling platforms on the World Wide Web, and that many of the funds traded on stock exchanges are heading Currently there is more investment in cryptocurrencies, and this will create an increased demand for those currencies in 2020.
Mike Novograter, founder of the Cryptocurrency Bank, announced in one of his tweets on Twitter on December 28, that he expects the price of “Bitcoin” by the end of 2020 to be about 12 thousand dollars per currency, and regardless of the accuracy of those expectations, the expectations of investors Refers to the Bitcoin bullish dominance in the course of events, especially at the end of 2020.
But expectations of higher prices do not stop at “Bitcoin” only. The cryptocurrency “Ethereum” also has positive expectations on a large scale, as well as “Binance” and “Engin Queen”, as all these currencies are expected to achieve positive results during the current year.